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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Jan. 31, 2016
Jan. 31, 2015
Cash flows from operating activities:    
Net loss $ (2,138,091) $ (3,239,731)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense $ 170,677 117,739
Amortization of debt issuance costs 75,458
Amortization of debt discount 166,241
Extinguishment of debentures 416,587
Depreciation and amortization $ 443,314 389,706
Stock-based compensation 223,657 $ 334,723
Warrant modification expense 6,000
Amortization of prepaid shares for services 50,400
Changes in operating assets and liabilities:    
Accounts receivable (1,168,549) $ (356,348)
Prepaid expenses 771 (20,135)
Other assets (18,407) (1,497)
Accounts payable 406,116 4,214
Accrued expenses 107,874 111,238
Deferred rent (7,751) (9,700)
Refunds due students 219,003 85,040
Deferred revenue 345,185 63,124
Net cash used in operating activities (1,359,801) (1,863,341)
Cash flows from investing activities:    
Purchases of property and equipment (317,068) (277,133)
Purchases of courseware (81,634) (109,305)
(Increase) decrease in restricted cash 1,122,485 (19,927)
Net cash (used in) provided by investing activities 723,783 (406,365)
Cash flows from financing activities:    
Proceeds from (repayments on) line of credit, net $ 5,794 (186)
Proceeds from issuance of common shares and warrants, net 5,547,826
Proceeds from (retirement of) convertible notes and warrants, net of costs (2,240,000)
Retirement of convertible notes payable $ (25,000)
Repurchase of shares under settlement agreement $ (5,838)
Offering costs associated with private placement (679) $ (107,225)
Net cash (used in) provided by financing activities $ (723) 3,175,415
Cash flows from discontinued operations:    
Cash flows from operating activities 5,250
Net cash provided by discontinued operations 5,250
Net increase (decrease) in cash and cash equivalents $ (636,741) 910,959
Cash and cash equivalents at beginning of period 2,159,463 247,380
Cash and cash equivalents at end of period 1,522,722 1,158,339
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 87,787 $ 212,955
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for services $ 50,400 $ 32,632
Common stock issued from conversion of notes $ 100,000